Vodafone Idea Gets $500 Million Boost From Birla Conglomerate

Vodafone Idea Ltd. received a $500 million investment boost from its promoter Aditya Birla Group, as the debt-ridden wireless carrier tries to regain its footing and stay competitive in India’s telecom market.

The company reported net income of 519.7 billion rupees ($5.42 billion) for its fourth quarter on Saturday, beating analyst estimates on a one-time gain. The equity infusion is critical for the firm’s survival as it races to cut debt and stem market-share losses to deep-pocketed Reliance Jio Infocomm Ltd. and Bharti Airtel Ltd.